Metals traders focused on CME Copper as it powers 0.93% higher

CME Copper posts light gains on a low-volatility day, ranging between $3.73 – $3.8 and is now at $3.79 per pound.

United States's Initial Jobless Claims new data released of 261,000 below its previous figure.

Nevertheless, following a previous reading of 233,000, Initial Jobless Claims in United States released today at 12:30 UTC fell short of the 235,000 figure expected by analysts with an actual reading of 261,000. Highly important Crude Oil Inventories data from United States beat analyst expectations of 1 million with a reading of -451,000.

Meanwhile, United States Cushing Crude Oil Inventories came out at 1.72 million, while a consensus of analysts was expecting 719,000.

Copper could be slowing down soon; it is getting close to the resistance line and is now at $3.8, only 1 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Despite posting gains so far today, the Copper future slid below its 5 day Simple Moving Average at $3.74 in earlier trade — an early indicator that a negative trend could be emerging. A "bearish engulfing" pattern — a scenario when a larger red candle engulfs a smaller green candle, at the top of a prevailing uptrend. Typically this is a signal of lower prices in the near term. Copper's upper Bollinger Band® is at $3.81, this is a slight indication of a slowdown.

Technical analysis of Copper price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.

A look at other Metals also shows upside as having closed the previous session at $23.53, Silver is up 3.57% today to currently trade at around $24.37. Gold is up 1.1% to $1,980.

At the same time, Palladium descends 2.41% to trade around $1,354.5.

CME Copper has shed 5.51% over the past three months.